This is the accessible text file for GAO report number GAO-07-328R
entitled 'Federally Chartered Corporation: Financial Statement Audit
Reports for the American Council of Learned Societies for Fiscal Years
2003-2005' which was released on January 26, 2007.
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January 26, 2007:
The Honorable F. James Sensenbrenner, Jr.
House of Representatives:
Subject: Federally Chartered Corporation: Financial Statement Audit
Reports for the American Council of Learned Societies for Fiscal Years
2003-2005:
Dear Mr. Sensenbrenner:
As requested, we read the audit reports covering the financial
statements of the American Council of Learned Societies, a federally
chartered corporation, for the fiscal years ended September 30, 2005,
2004, and 2003. The corporation's purpose is to advance humanistic
studies in all fields of learning and strengthen relations among the
national societies devoted to such studies.
Federally chartered corporations are required under 36 U.S.C. § 10101
to:
* present the corporation's assets and liabilities and reasonable
detail on the corporation's income and expenses in annual financial
statements and:
* obtain an annual financial audit by an independent public accountant.
Our objective was to advise you of any matters in the reports regarding
compliance with the financial reporting requirements of the law. In
carrying out our work, we read the corporation's financial statements
and the accompanying notes, performed certain analytical procedures
related to information presented in the financial statements, and read
the auditor's reports. We did not identify any instance of
noncompliance with the above financial reporting requirements of the
law.
We did not perform an audit or review the auditor's audit
documentation, and we are not rendering an audit opinion. However, we
did hold limited discussions with the corporation regarding potential
enhancements to the corporation's financial reporting.
The audit reports included the auditor's opinions that the financial
statements of the corporation were presented fairly in accordance with
U.S. generally accepted accounting principles. We are returning the
audit reports you sent with your letters.
This letter is intended solely for your use. This letter will be
available at no charge on GAO's Web site at [Hyperlink,
http://www.gao.gov].
If you have any questions or would like to discuss this letter, please
contact me at (202) 512-3406 or by e-mail at sebastians@gao.gov.
Contact points for our Offices of Congressional Relations and Public
Affairs may be found on the last page of this letter. Key contributors
to this letter were Charles Payton, Assistant Director; David Elder;
and Franklin Ng.
Sincerely yours,
Signed by:
Steven J. Sebastian:
Director:
Financial Management and Assurance:
(196133):